CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

View All Indexes

11. Alternative Income Index

Data as of

About the Index

All funds in index must be monthly or quarterly paying funds that have a 6%+ with 65%+ of the yield paid February to October (seeking to avoid large year-end dividends to cause inclusion in the index, and not counting special dividends in this calculation for yield). (1) 15% allocation to all the funds in the Hybrid / Balanced Index, equal weight (2) 15% allocation to all the funds in the Multisector Bond Index, equal weight. (3) 14% allocation to funds in the Equity Income Index (non MLP/Non REIT) 1/3 of funds from the index (after MLP/REIT removal) ranked by lowest daily NAV correlation over the past 6 months to the Equity Income Index NAV, equal weight. (4) 14% allocation to funds in the Taxable Bond and BDC Index (non BDC or Multisector funds) 1/4 of the funds from the index (after BDC / Multisector fund removal) ranked by lowest daily NAV correlation in the past 6 months to the Taxable Bond and BDC Index's NAV, equal weight. (5) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the BDCs in our BDC index while allowing only 1 BDC per Fund Sponsor, equal weight. (6) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the MLP funds in our MLP index while only allowing 1 MLP fund per Fund Sponsor, equal weight. (7) 8% allocation to 1/2 of the REIT / Real Asset Funds in our index with the lowest 6 month NAV correlation to the Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. (8) 8% allocation to any non-BDC CEFs that report a quarterly NAV, equal weight. (9) 6% allocation to the 5 Preferred Equity funds in our Preferred Equity Index with the lowest 6 month NAV correlation to the Preferred Equity Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. The index constituents will be rebalanced each quarter.

Index Performance

Current($) Previous Day(%) 1 Week(%) 1 Month(%) 3 Month(%) 6 Month(%) 1 Year(%) 3 Year(%) 5 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,190.03 -0.32 -0.58 -1.33 2.23 7.32 5.53 11.32 7.64 -1.45 2.01 3.68
NAV 1,152.56 0.06 0.07 -0.30 2.92 6.43 5.89 8.30 6.75 -0.44 2.65 2.86
Difference 0.38 0.66 1.02 0.69 -0.89 0.35 -3.01 -0.89 1.00 0.64 -0.82
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.05 -2.84 -0.61 -2.42 2.52 1.49 0.05 4.10 1.68 2.60 0.89 - - - - - - - 5.13
NAV 2.01 -3.24 -0.92 -2.21 1.49 1.17 -0.24 2.42 0.21 2.19 0.90 - - - - - - - 3.30
Difference 0.96 -0.40 -0.32 0.21 -1.03 -0.32 -0.29 -1.67 -1.46 -0.41 0.01 - - - - - - - -1.83
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.56 3.30 0.79 8.85 2.73 -0.23 0.44 2.95 11.80 1.97 -0.94 1.43 2.45 -0.87 -1.20 2.13 0.03 2.49 14.29
NAV 2.31 1.85 0.63 4.86 1.08 0.49 0.71 2.30 7.16 1.65 -0.02 0.61 2.24 0.15 0.35 1.71 2.22 4.46 11.62
Difference -2.25 -1.45 -0.15 -4.00 -1.65 0.72 0.28 -0.65 -4.64 -0.32 0.92 -0.82 -0.21 1.02 1.54 -0.42 2.18 1.97 -2.67
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -5.47 0.24 7.84 2.19 4.64 0.74 3.43 9.03 11.22 4.34 2.37 -0.17 6.63 -2.74 0.72 1.93 -0.15 6.48 17.70
NAV -3.91 -0.74 4.48 -0.34 3.57 1.33 3.17 8.27 7.93 2.75 0.80 2.01 5.65 -1.34 -0.14 2.28 0.76 6.41 14.34
Difference 1.56 -0.97 -3.35 -2.53 -1.08 0.59 -0.26 -0.77 -3.30 -1.59 -1.57 2.18 -0.98 1.40 -0.87 0.35 0.91 -0.07 -3.36
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.55 3.10 -1.29 2.33 2.07 -0.84 -4.86 -3.70 -1.37 -1.93 -3.19 -5.42 -10.20 7.13 -2.06 -3.19 1.57 -8.62 -9.99
NAV 0.06 2.09 -0.37 1.77 1.82 -0.27 -2.32 -0.81 0.96 -0.29 -3.12 -4.35 -7.60 4.18 -1.71 -3.84 -1.54 -9.13 -8.17
Difference -0.49 -1.01 0.92 -0.56 -0.25 0.57 2.53 2.89 2.33 1.64 0.07 1.07 2.60 -2.95 0.35 -0.65 -3.11 -0.51 1.82

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-1.40%
1Yr Disc
-1.09%
3Yr Disc
-1.94%
5Yr Disc
-2.09%
Rel Disc Range (3yr)
56.40%
Mkt Yield
9.22%
Lev Adj NAV Yield
7.44%
After Tax Yield*
7.60%
Est Tax Friction*
1.62%
3Yr NAV Volatiliy
11.61
1 Yr RoC
24.79%
3 Yr Dest RoC
11.46%
Leverage
25.52%
Non Lev Exp Ratio
2.24%
Beta (2yr)
0.44
Equity Exposure
43.91%
Bond Exposure
53.63%
# Holdings
79
Cash Weighted Duration
1.77
Comp NAV TR
0.71%
Comp Discount
2.26%
Net Assets (M)
878
Liquidity - 90d (K)
2,689
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


79 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NIE AG Eq & Convt Incm Fd Allianz 1.39 -5.99 6.58 0.00 0.00 681 1,889
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.45 -0.15 7.35 0.00 31.47 2,084 3,675
ZTR Virtus Glbl Div & Inc Fd Virtus 1.36 0.09 12.15 53.22 27.49 273 1,108
FOF C&S CE Opp Fd Cohen & Steers 1.39 -3.09 7.93 43.97 0.00 370 703
NHF NexPoint Stgc Opp Fd Highland Capital 2.39 -7.32 10.78 10.71 12.90 776 2,269
CGO Calamos Glbl Tot Rtn Fd Calamos 1.38 9.94 8.41 6.03 32.86 111 293
GLV Clough Glbl Div & Incm Fd Clough 1.35 -7.41 11.07 62.61 40.14 94 358
CHW Calamos Glbl Dyn Incm Fd Calamos 1.39 3.97 9.16 0.00 33.94 521 1,304
RIV RiverNorth Opp Fd RiverNorth 1.21 -2.14 13.80 23.69 3.40 99 993
SCD LMP Cap & Incm Fd Legg Mason 1.48 -8.81 8.94 56.57 26.20 274 510
GLO Clough Glbl Opp Fd Clough 1.37 -7.00 11.01 8.19 38.81 382 1,503
PKO PIMCO Incm Opp Fd PIMCO 0.94 9.48 8.33 0.00 33.01 382 1,367
BTZ BR Cr Alloc Incm Tr BlackRock 0.95 -11.88 6.49 1.16 31.57 1,482 2,938
DBL DbLin Opportunistic Cr Fd Doubleline 0.93 5.18 9.67 29.34 23.96 294 974
PDI PIMCO Dyn Incm Fd PIMCO 0.97 14.18 7.99 0.00 40.14 1,624 6,886
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.93 -7.72 11.51 44.44 28.20 161 771
GGM Gghm Cr Alloc Fd Guggenheim 0.94 4.24 9.93 0.00 31.97 155 496
GOF Gghm Stgc Opp Fd Guggenheim 0.91 12.24 10.27 3.35 0.29 563 3,343
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.94 -12.02 7.21 0.00 35.25 1,141 2,132
PFN PIMCO Incm Stgy Fd II PIMCO 0.95 6.14 9.10 0.00 22.29 594 2,036
PFL PIMCO Incm Stgy Fd PIMCO 0.95 9.20 9.01 8.69 23.31 281 786
DSL DbLin Incm Solutions Fd Doubleline 0.94 -0.93 8.93 2.34 29.18 2,062 5,614
RA Brkf Real Ast Incm Fd Brookfield 0.95 -4.10 10.32 27.14 23.48 880 2,234
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.96 1.56 8.15 0.00 46.44 3,264 10,668
PHK PIMCO Hi Incm Fd PIMCO 0.91 25.00 12.10 20.10 23.78 830 4,821
BHK BR Core Bnd Tr BlackRock 0.93 -7.84 6.09 0.00 29.26 750 1,360
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.88 30.46 10.52 21.96 25.52 115 906
CRF Cornerstone Tot Rtn Fd Cornerstone 1.00 10.98 19.94 74.68 0.00 473 4,723
CLM Cornerstone Stgc Val Fd Cornerstone 1.01 8.61 20.27 77.71 0.00 926 7,991
DNP DNP Sel Incm Fd Duff & Phelps 1.02 16.72 7.07 30.13 27.51 2,736 3,163
GUT Gabelli Util Tr Gabelli 1.00 15.90 10.29 74.68 27.00 268 907
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.93 3.04 12.66 71.35 12.00 624 2,321
EOD WF Glbl Div Opp Fd Wells Fargo 0.98 -8.01 11.82 0.00 15.00 267 693
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.05 -1.19 9.18 65.65 0.00 641 2,057
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.03 3.61 8.27 88.77 0.00 1,116 3,262
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.05 -0.23 7.91 51.87 0.00 1,917 3,554
HQH Tekla Health Invstr Tekla 1.04 -9.13 8.25 27.36 0.00 1,042 2,620
BGR BR Nrg & Res Tr BlackRock 0.94 -7.87 6.47 69.22 0.00 466 1,165
IAE Voya AP Hi Div Eq Incm Fd Voya 0.96 -11.30 8.56 70.61 0.00 129 388
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.03 2.79 9.53 90.21 0.00 2,809 5,609
DMO WA Mortg Dfin Opp Fd Legg Mason 1.38 7.21 10.09 0.00 31.50 220 1,363
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 2.53 -3.39 7.38 0.00 34.50 849 1,666
GIM Tmp Glbl Incm Fd Franklin 1.36 -13.24 7.06 0.00 0.00 932 1,811
NBB Nuv Bld Amrc Bnd Fd Nuveen 1.37 -3.89 6.10 0.00 13.67 558 988
EFR EV Sr Flt-Rt Tr Eaton Vance 1.36 -8.75 5.97 0.00 35.71 569 1,580
BBN BR Taxable Muni BndTr BlackRock 1.34 -5.84 6.70 0.00 36.64 1,291 2,515
VTA Invsc Dyn Cr Opp Fd Invesco 1.37 -13.40 6.52 17.26 31.35 984 1,698
RCS PIMCO Stgc Incm Fd PIMCO 1.36 30.87 9.22 8.63 39.06 308 1,192
BGB B/GSO Stgc Cr Fd Blackstone 1.40 -5.81 7.93 0.00 36.85 753 1,633
AFT Apollo Sr Flt Rt Fd Apollo Credit 1.37 -9.22 7.33 0.00 33.88 275 1,166
ARCC Ares Capital Corp Ares 1.03 1.64 9.00 0.00 36.94 7,268 26,965
PSEC Prospect Capital Corp Prospect Capital 1.11 -21.07 9.76 0.00 39.59 3,412 11,209
FSIC FS Investment Corp FB Income 0.98 -19.39 10.63 0.00 41.94 2,124 8,187
HTGC Hercules Capital Hercules 1.05 30.04 9.33 0.00 44.84 979 6,278
TSLX TPG Specialty Lending TSL Advisers 1.16 26.59 7.53 0.00 43.38 1,065 5,703
BBDC Barings BDC Barings 0.99 -26.06 1.18 0.00 38.47 703 4,270
AINV Apollo Inv Corp Apollo Investment 0.99 -14.99 10.91 0.00 43.28 1,390 4,124
TCPC BR TCP Capital Corp Tennenbaum Capital 0.98 -1.64 10.02 0.00 48.08 859 3,058
NMFC New Mountain Fin Corp New Mountain Capital 0.98 -0.15 10.04 7.13 49.59 1,033 3,175
GBDC Golub Capital BDC Golub Capital 1.01 16.53 6.80 0.00 47.16 969 2,825
KYN KA MLP/Midstream Inv Co Kayne Anderson 0.97 -5.48 9.93 93.56 31.95 2,417 5,594
TYG Tortoise Nrg Infra Corp Tortoise 1.04 -1.15 9.51 75.00 28.10 1,469 3,520
CEM CB Nrg MLP Fd Legg Mason 1.04 -5.67 9.70 78.93 31.25 1,093 2,142
FEI FT MLP & Nrg Incm Fd First Trust 0.96 -5.81 9.62 74.37 25.46 622 2,216
CEN Center Coast MLP & Infr Fd Center Coast 1.08 -0.31 13.01 100.00 31.50 280 2,194
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.01 -9.30 9.23 96.21 25.91 487 1,685
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.06 -8.19 9.85 11.33 28.32 563 1,475
FMO F/C MLP Opp Fd Guggenheim 1.04 -6.66 10.73 100.00 31.52 458 1,264
NML NB MLP Incm Fd Neuberger Berman 0.98 -11.73 7.63 100.00 23.10 555 1,552
SMM Salient Midstream & MLP Fd Salient 1.01 -14.32 6.77 79.40 25.03 209 743
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.60 -6.86 9.60 48.49 0.00 573 1,507
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 2.68 -12.28 7.84 5.51 30.41 511 1,315
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.60 -12.44 8.12 51.33 13.13 984 1,684
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.12 -6.14 7.80 6.88 29.90 737 1,514
JPS Nuv Pref & Incm Sec Fd Nuveen 1.19 -9.82 7.71 0.00 34.56 1,971 4,661
FPF FT Imd Dur Pref & Incm Fd First Trust 1.20 -8.19 7.94 0.00 30.78 1,425 3,632
HPS JH Pref Incm Fd III John Hancock 1.19 -0.11 7.87 15.22 34.20 589 970
BANX StoneCastle Fin Corp StoneCastle 3.86 2.45 6.74 0.00 23.83 144 312
OXLC Oxford Lane Cap Corp Oxford Lane 4.12 7.11 15.15 0.00 39.13 287 3,000

DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2017. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2017. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %